Florida Statute 475.278 states the agent must disclose in any sale of their personally owned or related entity owned to the general public the sellers professional designation as a real estate agent or broker.
This is the section of the statute that is used when a non-disclosure issue comes up when a complaint is filed against an agent. The law as written requires full disclosure. Failure to disclose that the person selling the property is a licensed agent violates this covenant. There is no other specific statute but this is the one that has been used against realtors in both civil and administrative hear cases.
3) SINGLE AGENT RELATIONSHIP.-- (a) Single agent-duties.--The duties of a real estate licensee owed to a buyer or seller who engages the real estate licensee as a single agent include the following: 1. Dealing honestly and fairly; 2. Loyalty; 3. Confidentiality; 4. Obedience; 5. Full disclosure;
Also reread section 2. since it tells you where it does not apply (and therefore as I stated and as case history- it applys in any and all other circumstances).
I used to work for a real estate attorney in Florida and we had numerous consumer cases against realtor's both civil and administrative where the realtor sold personal property without disclosing they were a realtor and in 99.9% of them the realtor lost since both the courts and the DRE ruled that the realtor's under the disclosure section of the statute has a fiduciary responsibility to disclose to the buyer their "vast knowledge and licensing" since in the eyes of the DRE and courts the license gave the realtor a superior knowledge of the law and real estate transaction over the average consumer. Laws are not always specific but the wording "disclosure" is specific enough for the courts and DRE to rule.
If you are a realtor (or a consumer) please feel free to call the Florida Dept of Real Estate and confirm their interpretation of the disclosure laws and how it applies to realtor's selling personal real estate property.
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